1) Five years ago, you borrowed $250,000 for a ten-year period at a fixed interest rate of 9% p.a. with interest compounded on an annual basis. You have been making regular annual payments on your loan and you now wish to repay in full the amount outstanding on this loan. The total amount you need to repay is closest to: Group of answer choices $151,521. $168,850. $194,775. $217,051.
1) Five years ago, you borrowed $250,000 for a ten-year period at a fixed interest rate of 9% p.a. with interest compounded on an annual basis. You have been making regular annual payments on your loan and you now wish to repay in full the amount outstanding on this loan. The total amount you need to repay is closest to: Group of answer choices $151,521. $168,850. $194,775. $217,051.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
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